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Argues that expertise based solely on rational, quantitative approaches to decision making problematic in rapidly changing business environments that arrest the tools of forecasting, analysis and planning. Where managers must take action in the face of considerable ambiguity, they must justify decisions on “gut instincts”, “best guesses” and other qualitative considerations. Unfortunately, traditional management education is primarily based on quantitative approaches to analysis and planning that may be ineffectual in ambiguous environments. Discusses an alternative approach to management education and training that seeks to blend analytic rigour with insight, intuition, creativity and learning‐by‐doing. Compares assumptions underlying traditional and action‐oriented approaches, and provides examples that suggest how management education and training can enhance their relevance by balancing …